Technical analysis of NZD/USD for February 08, 2019
2019-02-08
The NZD/USD pair breached resistance which had turned into strong support at the level of 0.6705 this week. The level of 0.6705 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. The RSI is considered to be overbought, because it is above 70. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). Besides, note that the pivot point is seen at the point of 0.6882. This suggests that the pair will probably go up in the coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended to be placed above 0.6800 with the first target at the level of 0.6882. From this point, the pair is likely to begin an ascending movement to the point of 0.6882 and further to the level of 0.6984. The level of 0.6984 will act as strong resistance. However, if there is a breakout at the support level of 0.6705, this scenario may become invalidated.
Technical analysis of USD/CHF for February 08, 2019
2019-02-08
The USD/CHF pair continues to move upwards from the level of 1.0003. Today, the first support level is currently seen at 1.0003, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9982, which coincides with the 50% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the USD/CHF pair to trade between 1.0003 and 1.0067. So, the support stands at 1.0003, while daily resistance is found at 1.0067. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0003. In other words, buy orders are recommended above the spot of 1.0003 with the first target at the level of 1.0067; and continue towards 1.0103. However, if the USD/CHF pair fails to break through the resistance level of 1.0030 today, the market will decline further to 0.9908.
Analysis of Gold for February 08, 2019
2019-02-08
Gold has been trading upwards. The price tested the level of $1.310.00. I found that price finally made a break of the downward channel in the background, which is a sign that there is potential change in trend dynamic from bearish to bullish. Also, I found that a breakout of the intraday bullish flag pattern, which is another confirmation of strength. Short-term resistance is set at $1.315.90 and short-term support is set at $1.307.00.
Trading recommendation: We are long on Gold from $1.310.00 and targets at $1.315.90 and $1.322.50. Protective stop is placed at $1.301.00.
GBP/USD analysis for February 08, 2019
2019-02-08
The GBP/USD pair has been trading upwards. We found strong impulsive upward move followed by the breakout of the bullish flag pattern, which is sign that buyers are in control and that upward movement is expected. The price is trading above the Ichimoku and kijun-tenkan sen lines, which is another sign of the strength.Short-term support is placed at 1.2920 and short-term resistance at 1.2995.
Trading recommendation: We are long on the GBP/USD pair from 1.2960. Targets are set at the price of 1.2995 and 1.3065. Protective stop is placed at 1.2915.
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